Cannot Enter Years To Fully Depreciate On Category O (Other Asset)

Forum|Forum|3 years ago
April 10, 2023
1 reply
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Hello,

First year I am using CD version after using online for several year. I imported my last year tax form from Turbo Tax online.

For rental property, I am deprecating an asset (category O) over 9.0 year using ALT/MQ method.
It says (you must enter all data).
However Turbo Tax CD never asks me about the Years to fully depreciate.
Hence in the asset summary Years to fully depreciate is not filled, and shows up as blank and therefore the depreciation is NOT computed.

Seems to be a bug in the CD SW version (and not in the online version) hence my question
- Who do I reach out to to get the bug fixed?
- Can I directly edit my tax form with the correct depreciation number in CD version?

Thanks

DianeW777

Let's see if we can clarify this for you. When selecting 'Intangible and Other Property', and 'Other Asset Type'

Continue to complete the asset information on 'Tell us about this Rental Asset'.
Next enter 'Yes' it was always used 100% for business if this applies.
You will be allowed to select 7 year or 10 year as the Asset Class. (9 year is not an allowed selection for your asset under our current depreciation system).
This option allows you to choose the following Depreciation Method:
1. 200% Declining Balance (your action assumes this is not what you want to select), or
2. 150% Declining Balance, or
3. Straight Line, or
4. ADS (alternative depreciation system which is SL with MQ or HY convention depending on when you asset was placed in service
5. The next screen does allow you to enter 9 years as the recovery period (if applicable)
6. Continue to select Section 179, Special Depreciation or to spread the deduction over several years.
7. Continue and you will see your depreciation expense after your selection
8. See most of the screen images below. (I used rental activity and it will be the same for other business activities)